Bitcoin Forum

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single digits in 5...4...3...2....

I get a bit excited seeing the price plummeting, not sure why since my money is at stake.

lol me too for some reason. 

THis is me in the picture right now

http://th89.photobucket.com/albums/k222/buonanotte/moving%20stuff/th_icon-real-ohthosemoves.gif

I can't get enough of this.

Cheap bitcoins for everyone. NO easy money for computer geeks running code on their video cards.

I do not own a single bitcoin either!  ;D ;D ;D ;D ;D

What's wrong with easy money for computer geeks running code on their video cards?

someone is really selling at TH right now. making the price go down to 8-9 bucks.. then it pops up
to 10.

do we know if mybitcoin or if that polish exchange is dumping large amounts or is this an old
fashioned panic?

This is it RIGHT HERE FOLKS. You let people like this laugh at you? EDUCATE YOURSELF...

Both.

Theres no real wall between now and single digits, unless a shock rally starts to build up at $10. We're going down folks, all the way down...

you think? 10$ is still a barrier...

Because it's off the back of suckers, that's what's wrong with it. :)

It bounced off of 10.

Nope lol.

reading these posts is crazy when the price moves so quickly. nope? seems like bitcoin charts
says the price is about 10.40 as i type this on both gox and th.

There is no support, go look at the market depth in mtgox. This suckers going down, unless a wall starts to build at $10, and I am talking about an EPIC wall... We saw one worth 8k disappear yesterday in minutes...

I pulled out half last night at $11.7.


At $6 I will buy back in.

Jumping from 10 to 11, this is what could happen in a market where traders have absolutely no clue.....

yer.. i misread the post. my apologies. i understand what you both meant now.

EVERYONE'S LOOSING MONEY ! :P LOL

It's going to be a while then, because most of the trades are onesies & twosies.  Didn't he make off with around 17,000BTC?

So take advantage of it?

Dam breaking in real time...........

If there was one person left who is aware of what could  happen, the jump would not have happened.........

SINGLE DIGITS FOLKS

show me pot8to  sa1ad!!!!

Massive amounts of sales that I don't think are robots, about 30,000 BTC...  It must be from an individual?  Is this finally the stolen bitcoin we expected to see yesterday?

not really that surprising, considering how many people want to sell vs how many are actually buying.

I am about to buy so many fucking Bitcoins  ;D

That might have been the bottom...

Not much resistance between now and $1, time to buy back all the BTCs at sub-$1 and present yourself as one of the early adopters, folks.

 ;D

I feel like an early adopter every time I come on this website, might us well have the same Bitcoins as one.

Yea it's YOUR chance to become as rich as early adopters! :D

http://img593.imageshack.us/img593/7651/scaryc.jpg

pretty cool to think that i bought ~ 1000 coins in april for $1500 and I might be able to still have 1000 coins along with $25000 USD in the bank here in August.

Wish I woulda been fortunate enough to find out about Bitcoins in April. I knew what they were but didn't actually care to pay attention, my own stupid fault I guess... I was brought in when Senator Chuck Schummer was talking crap about them. I actually like him (he is a really good Democratic senator) but his derogatory comments led me back to this forum, and then it was where I really found out what Bitcoin was.

Indicators suggesting an adjustment upward in the next hour or so.  Could be a feeble bounce, though, if everyone's feeling so bearish.

Whether the price is going up or down, MagicalTux must be really happy, look at the volumes!!

Yay, I got something right for once.  @_@

Yup, the volumes are great news, people are in on bitcoin whether we like it or not and it's not just stagnant bot trading

510 BTC for the day in commissions... not bad.

On another interesting note, the price is getting dangerously close to my break even point for mining.  $7 is when I shut it off, since costs are so much higher with running the A/C to keep everything cool.  Come fall time, when I don't need the A/C anymore, it'll be much more viable, back down to $4 or so per BTC needed to keep mining.  I expect others are crunching similar numbers for typical at-home setups.

Which is good, we had to see a power expense to profit level evening out eventually and I think very quickly we will.  As soon as the number of TH/s fall the supply will deflate and we'll see less BTC going into the market, which should inflate price.

nope, BTC are produced in the same amount approximately all the time

all that would happen is difficulty would drop and miners would get more coins apiece.

Lowering the TH/s will not lower the total amount of BTC being mined. Well, for next 2000 blocks, maybe. But then, it will re-adjusts again to 7200 BTC per day.

Back up the truck guys!  Start wiring in those funds!  If you wire today through Paxum, you'll probably have your money in MtGox by next week Tuesday  :D :D

Anyone got a beer?   ;D   Annnd maybe a cigar.

We haven't had a good panic sell off in weeks. Please stay low till I get home from work.

I'm curious if anyone has tried backtracking on blockexplorer to see whether or not the funds being dumped are from MyBitcoin addresses.

Seems the volume of panic sellers has dried up at this point, yes?

No, the volume of buyers has dried up. There's very little market depth on the buy side right now. The current buy-side "wall" is at $8. and it's small by the standards of a day or so ago.

I was just looking at the overall volume of trades now compared to a few hours ago. Certainly a lack of volume now, didn't go look to see the full spread.

Everytime there is a "heist" of some type, the coins end up hitting the mkt in this fashion.

If BTC stays below $10 for a prolonged period, I know I'll be shutting off my miners until we get back up to 15, if ever.

Dealing with this heat and noise to break even? F*!% that noise.................

 :-[

I'm guessing you all are confident that it will rebound from 10 if you are buying in right now

If it goes lower then 10 I'm out

Edit: Shit.

CYA!

Smart move

http://i51.tinypic.com/2czrhmx.jpg

Tank!!!!!!   ;D

LOL.

back down to 9 come on 8. maybe this will draw a ton of attention and then spring board back up.

broke 800



 currently connected: 801, uptime

wow the bottom a couple hours ago was 5.9...that's quite a pounding from like...$14 a week ago

A warm hearty 'thank you' to the traders that sold at $6.  Cashed in a 20% profit within hours.  Not often you can do that.  Viva la volatility!

I've got a buy in at under $6 assuming as folks come back into play on Monday morning they are going to be freaked out at the move and dump again, at least I hope so.

No...

No you don't want that or No it won't happen? Seems miners are shutting down still from the graphs although it's no mass exodus.

Get in now buddy, go look at all the orders. We are going to be at double digits by tonight...

Maybe but I'm playing for tomorrow, not this low weekend volume. I wish I had cashed out sooner than I did and caught that dip but in any case I am waiting for the next, order is in and waiting.

I have made back $500 so far this weekend has been SICK.

Interesting chart with Hash rate crossing difficulty.

http://bitcoin.sipa.be/speed-lin-ever.png

I'm going to go ahead and suggest that the crossover potentially signals a market bottom, just because we've been in a steady downtrend for two months and this is the first time that something has changed.

So, when miners begin to quit, that's a good sign for the price? Uhhhm, that does not make sense at all.

I don't think you can read short term price moves into that chart of hash power dropping and crossing the difficulty level listed. It's just interesting especially since it's really never done it before or at least not at these levels and may point to a longer term move in say network hash rate growth. I guess it shows where at least some miners feel they can no longer mine for profit or where they feel BTC value has dried up. The drop in network hashing is clear but it's not huge, yet.

uhhh, all it means is that difficulty is going to drop

If it stays below that line which it appears to want to do when the price drops under $8.

That gives more coins/Hash at next difficulty DROP. And that gives the opportunity for miners to sell more bitcoins/day, making even more money from the direct USD (fiat currency) buyer that doesn't understand economics.

My new price target is 3 dollars if the difficulty drop continues.

The difficulty and hash rate are on different scales in that graph. There is no "crossover".

But the scales are matched to where difficulty = estimated difficulty at X MH/s.

There's NEVER a difficulty "drop" in bitcoin. Difficulty just raises as the number of coins increase.

Nope, that's not what the other than red (difficulty) line means, the other 3 lines means "Computer power allocated" and that graph shows that many miners are leaving, nothing else.

(ultimately that may mean also that less coins will be generated, blocks will take longer to generate and therefore transactions will be slower to confirm)

Sorry, but you're wrong.

At the current difficulty rate (1888786), it would take about 13,520 GH/s to generate 7,200 bitcoins/day (which is the target).  Guess where that red difficulty line lines up on the GH/s scale to the left?

https://i.imgur.com/ixiNU.png

As you can see on the chart, I have extended the red line to hit the scale on the left, for easily visualizing the scenario.  I have also added tickmarks and counters for every 10 pixels on the graph.  Each segment of 5,000 GH/s is 92 pixels tall.

The line hits at pixel #66.  66/92 = 71.74% of the way up from 10,000 GH/s to 15,000 GH/s.  71.74% of 5,000 GH/s = 3,587 GH/s.  10,000 + 3,587 = 13,587 GH/s.  While that doesn't match exactly with my figure of 13,520 GH/s, one can only be so accurate with pixel math.  :P

So, like I said before, the scales are matched up on purpose.  If the total computing power starts to drop below the red line for a significant period of time, you can expect difficulty to be reduced accordingly.

AT THE DISCO! (forgive me if i'm late)

No, you can never see the difficulty line go down, it just goes up. There's no way to make it "easier" to generate coins, in an ultimate scenario, if we have one single miner, he would be for sure getting his 50 coins... but would take ages before his block gets created. It doesn't rely on "a need for X coins to be generated per day".

I don't think you understand how difficulty works.

If it takes more than 2 weeks to generate 2016 blocks, then the difficulty WILL decrease.  It's programmed into the client/node to do so.  We just haven't actually had that happen yet, so that's why you see no reduction in the "red line".

I see, you're right Spike.
Less miners will bring difficulty down: http://dot-bit.org/tools/nextDifficulty.php

Even with the price move back over 8 I show hash rate at 12.668 Thash/s and only 6740 BTC/day, 930 block remaining making the next difficulty change in 7 days or is my math way off?

Sounds about right.

Either way, this is excellent news for me.  It means that mining *should* remain profitable for me for quite some time, as other people seem to have higher variable costs than I do.  Especially in the winter, but even in the summer with A/C, as long as the price is over $7, I'm still making money.

bump lol

We need Australia in the market now because it's winter for them during our summers.